7 Factors To Consider When Finding a Home For Your Business

7 Factors To Consider When Finding a Home For Your Business

You already know just how much work goes into getting all the small details of your fledgling business just right. But while ensuring that all those details are in order, there’s one big consideration that will have a huge impact on the overall look and feel of your company: its location. Of course, there are many factors, such as your budget, industry, and so on that’ll be a player in this decision, but there are also some overall factors you’ll need to think about. We take a look at these below.

Where Are Your Customers Based?

If you’ve conducted your market research properly, then you should have a pretty clear understanding of who you’re trying to sell your products and services to. Now, it’ll make no sense if you’re located in the corner of the city where none of those people live. For example, it would be illogical to launch a business aimed at students in an area that’s mostly populated by families. You would want to be as prominent in the student section of the city as possible. Before agreeing to base your company in a location, make sure you have a thorough understanding of the area.

How Important is Foot Traffic?

If you have a business that relies on people coming in off the street, then foot traffic is going to be important to your overall success. There’s nothing worse than being located just around the corner from where people walk; the stores and businesses on that street are packed, while yours is just hoping for some of the driftwood to pass by. If foot traffic is an integral part of your marketing plan, then make sure it’s given prominence when it comes to choosing a location.

Foot Traffic
Shutterstock / By Photomika-com

Reputation Benefits

Half of the battle of winning your customer’s trust will depend on how much they trust you. And nothing says trust like having an enviable location. If you rent office space in the bustling heart of your city, then you’re going to find it easier to build a good reputation than, say, if you were located far away from the life of the city. When it comes to choosing a space, it’s not only about how well it’ll serve your needs; it’s about the image that you’ll be projecting to your potential customers. And when you’re a new company, this can be a very important factor indeed.

Where Are Your Competitors?

You’ll also need to take a look at where your main competitors are located. Depending on your type of business, it may be better to be located near to them, or it might be better to be far away. In any case, you’ll want to own a map of the city that has a pin for every one of your rivals. If they all seem to be clustered in one part of town (for whatever reason), then you’ll likely want to get into that mix yourself. If they’re spread out all over, then it’ll be less important.

Your Own Input

Of course, it’s also worth thinking about what you want your company premises to look and feel like. If you’re a start-up that is mostly online, then it’ll be less important for you to be located right in the heart of downtown. If you have a vision for your company, it may be easier to place your premises far away from town, and do your own thing.

Accessibility

Regardless of the type of business you have, you’re going to have people coming to your offices from time to time. The question is, how accessible is your headquarters, and is it set up to handle visitors? And kicking on from these questions, you’ll also need to think about how you and your staff will reach your offices. If they’re located far out of town, or right in the center, then the commute might be a drain on your workforce’s energy. Find a place that works for the overall life of your organization, not just for its business needs.

Accessibility
Shutterstock / By Rawpixel.com

What’s Your Style?

Every company has different needs. If you were a traditional lawyer, for example, then you’d need a much different space than a startup drinks company. The key is to identify the signature look and feel of your company and develop an office space that naturally feeds into it. In the end, your office will be an extension of your company branding, and your company branding is everything.

Take the advice listed above, and you’ll be on course to make sure your first office space is the right one.

Featured Image by Shutterstock / By PhuShutter

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